Category

Tax Reform

IRS Raises HSA Contribution Limits in 2020 by Adam Cohen, CPA


Posted on July 26, 2019 by Adam Cohen

Taxpayers who participate in high-deductible health insurance plans will be able to save a little more in their Health Savings Accounts (HSAs) in 2020, when contribution limits will increase to $3,550 for individuals or $7,100 for family coverage, up from their 2019 limits of $3,500 and $7,000 respectively. This 1.4 percent increase represents significant benefits […]

New York Issues Guidance on State Sales Tax Nexus by Michael Hirsch, JD, LLM


Posted on January 28, 2019 by Michael Hirsch

On Jan. 15, 2019, the New York Department of Taxation and Finance finally issued its response to the Supreme Court’s June 2018 decision in South Dakota v. Wayfair, which expands states’ abilities to impose sale tax reporting and collection responsibilities on out-of-state vendors regardless of whether or not the sellers have a substantial physical presence […]

There’s Still Time to Secure Health Insurance for 2019


Posted on November 29, 2018 by Adam Cohen

The open-enrollment period for U.S. taxpayers to secure medical health insurance for 2019 via the Health Insurance Marketplace runs from Nov. 1, 2018, through Dec. 15, 2019. While the new tax law introduced on Jan. 1, 2018, does eliminate the Obamacare individual shared responsibility penalty for individuals who go without insurance in 2019, there are […]

Businesses Face Complex Rules for New Interest Expense Deduction in 2018 by Andreea Cioara Schinas, CPA


Posted on October 25, 2018 by Andreea Cioara-Schinas

Despite the generous tax breaks that the Tax Cuts and Jobs Act (TCJA) delivers to most businesses, the new law also introduces a few unfavorable provisions, including a significant limit on the deductions that certain businesses can claim as business interest expense. Changes to Regulations Prior to the TCJA, most businesses generally could deduct 100 […]

IRS Extends Filing Deadlines for Victims of Hurricane Florence by Jeffrey M. Mutnik, CPA/PFS


Posted on September 27, 2018 by Jeffrey Mutnik

Certain taxpayers affected by Hurricane Florence have until Jan. 31, 2019, to meet all of their tax filing and payment obligations that had original deadlines of Sept. 7, 2018, or later. This postponed deadline applies automatically to taxpayers located in the designated disaster areas: North Carolina counties:  Allegany, Anson, Ashe, Beaufort, Bladen, Brunswick, Cabarrus, Carteret, […]

Taxpayers Receive Guidance on Deductions for Pass-Through Businesses


Posted on September 24, 2018 by Laurence Bernstein

The IRS recently issued its first round of proposed guidance concerning the pass-through deduction that tax reform introduced to qualifying business owners and to beneficiaries of trusts and estates beginning in the 2018 tax year. Taxpayers who own interests in pass-through businesses structured as LLCs, partnerships, S Corporations, or sole proprietorships now have guidance from […]